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Receiver or speakers

What makes a good system the receiver or the speakers? I have a pretty good pioneer receiver but it doesnt sound all that great, the speakers I have are small, about twice the size of the little bose speakers. At this point in time i can only get either some new speakers or a new receiver. Should i invest in some good speakers or a better receiver for the speakers? Im guessing speakers but im not sure.

They work hand in hand. And they can both be a weak point too. Based on the info you provided, I would invest in a good set of speakers. Take some cds that you like and are familiar with and go do some listening. I am a big fan of Klipsch. They sound great, are efficient, and they have several lines that are very affordable. Go out and do some listening and buy a set that sounds good to you.
Let us know what you end up buying.

+1 for the most part. Speakers will be the more expensive of the two.
I tend to avoid big box stores when it comes to speakers, though. Although both Polk Audio and Klipsch make some excellent speakers, a trip to a home theater specialist will reveal some truly superb speakers that are competitively priced: the lower priced models from Paradigm and Cerwin-Vega, for example. Other really great, but quite expensive, speakers come from Martin Logan and Bowers and Wilkins.
Obviously, your budget will dictate your choice. My Paradigms, for example, cost in the vicinity of $1200.

While it is certainly true that an amplifier can affect or "color" the sound to an extent, NOTHING in your system will impact the sound quality anywhere close to the degree that the speakers do. The differences in specs between a cheapie receiver and a high-end one are measured in 10ths or 100ths of a percent, but in the speakers themselves, the differences can be large percentages. In addition, placement of the speakers will also be an important factor as to how they sound.

A good "audio" rule of thumb is to spend 3-5 times on your speakers as you spend on your amplifier. Reason is: you will get far more benefit from putting more money in the speakers than putting more money in the amp.

Thus, I have to agree with the other posters: buy good speakers. And "Bose" ≠ "Good."